From Hype to Disappointment: Top 10 IPO Listings that Let Investors Down in 2025

2025 has been a remarkable year for the Indian IPO market, as more than 90 companies have broken records by raising a fund of ₹1.5 lakh crore. Even though many IPOs provided good listing gains. However, most of the IPOs, on the other hand, did not do well when listed, either opening flat or even at a discount, making the overall performance of IPOs in 2025 weaker compared to the strong debut of IPOs in 2024.

The following are the top 10 IPOs that have offered the poorest listing gains so far this year in 2025.

Company	IPO Month	Price Band	Subscribed	Listing	Fund Raised
Glottis	October 2025	₹120 to ₹129	2 times	35%	₹300 crore
Om Freight Forwarders	September 2025	₹128 to ₹135	3.86 times	33%	₹122.31 crore
BMW Ventures	September 2025	₹94 to ₹99	1.5 times	29%	₹231.66 crores
VMS TMT	September 2025	₹94 to ₹99	102.24 times	4%	₹148.50 crores
Jaro Institute	September 2025	₹846 to ₹890	22 times	16%	₹450 crores
Dev Accelerator	September 2025	₹56 to ₹61	64 times	5%	₹143.35 crores
Gem Aromatics	August 2025	₹309 to ₹325	30 times	2%	₹450 crore
Arisinfra Solutions	June 2025	₹210 to ₹222	2.3 times	21%	₹499.60 crores
Laxmi Dental	January 2025	₹407 to ₹428	114 times	28%	₹698.06 crores
Capital Infra Trust	January 2025	₹99 to ₹100	2.8 times	Listed Flat	₹1,578 crores

Vijay Prajapati

An experienced stock market professional with expertise in IPO research, market insights, and equity strategies. With a strong background in research and capital markets, he delivers comprehensive coverage on upcoming IPOs, subscription patterns, grey market premium (GMP), and post-listing performance, along with detailed reviews, recommendations, and technical analysis.

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Disclaimer: This content is provided strictly for educational and informational purposes. The securities or investments mentioned are not to be considered as investment advice or recommendations. The Investors are advised to do their own research or connect with a financial advisor before making any investment decisions.